Liability For Future Policy Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Liability for Future Policy Benefit

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

	Three Months Ended March 31, 2024
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,927,833	$	0	$	10,927,833
Effect of cumulative changes in discount rate assumptions, beginning of period	225,711		0		225,711
Balance at original discount rate, beginning of period	11,153,544		0		11,153,544
Effect of actual variances from expected experience and other activity	(54,196)		(290)		(54,486)
Adjusted balance, beginning of period	11,099,348		(290)		11,099,058
Issuances	192,492		8,595		201,087
Net premiums / considerations collected	(329,743)		(8,305)		(338,048)
Interest accrual	129,053		0		129,053
Other adjustments	(78)		0		(78)
Balance at original discount rate, end of period	11,091,072		0		11,091,072
Effect of cumulative changes in discount rate assumptions, end of period	(434,791)		0		(434,791)
Balance, end of period	$	10,656,281	$	0	$	10,656,281

	Three Months Ended March 31, 2024
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	18,426,207	$	228,788	$	18,654,995
Effect of cumulative changes in discount rate assumptions, beginning of period	331,571		19,521		351,092
Balance at original discount rate, beginning of period	18,757,778		248,309		19,006,087
Effect of actual variances from expected experience and other activity	(65,431)		(369)		(65,800)
Adjusted balance, beginning of period	18,692,347		247,940		18,940,287
Issuances	192,492		8,595		201,087
Interest accrual	223,989		2,204		226,193
Benefit payments	(368,247)		(7,544)		(375,791)
Other adjustments	(23)		(34)		(57)
Balance at original discount rate, end of period	18,740,558		251,161		18,991,719
Effect of cumulative changes in discount rate assumptions, end of period	(742,789)		(23,464)		(766,253)
Balance, end of period	$	17,997,769	$	227,697	$	18,225,466
Other, end of period					1,675
Total balance, end of period					$	18,227,141

	Three Months Ended March 31, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,341,488	$	227,697	$	7,569,185
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,341,532		227,697		7,569,229
Less: Reinsurance recoverables	6,650,332		18,428		6,668,760
Balance after reinsurance recoverables, end of period, post-flooring	$	691,200	$	209,269	$	900,469

	Three Months Ended March 31, 2023
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,911,794	$	0	$	10,911,794
Effect of cumulative changes in discount rate assumptions, beginning of period	554,896		0		554,896
Balance at original discount rate, beginning of period	11,466,690		0		11,466,690
Effect of actual variances from expected experience and other activity	(4,111)		(599)		(4,710)
Adjusted balance, beginning of period	11,462,579		(599)		11,461,980
Issuances	132,627		9,560		142,187
Net premiums / considerations collected	(338,534)		(8,961)		(347,495)
Interest accrual	131,333		0		131,333
Balance at original discount rate, end of period	11,388,005		0		11,388,005
Effect of cumulative changes in discount rate assumptions, end of period	(312,681)		0		(312,681)
Balance, end of period	$	11,075,324	$	0	$	11,075,324

	Three Months Ended March 31, 2023
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	17,835,251	$	204,727	$	18,039,978
Effect of cumulative changes in discount rate assumptions, beginning of period	962,034		24,876		986,910
Balance at original discount rate, beginning of period	18,797,285		229,603		19,026,888
Effect of actual variances from expected experience and other activity	(13,802)		1,427		(12,375)
Adjusted balance, beginning of period	18,783,483		231,030		19,014,513
Issuances	132,627		9,560		142,187
Interest accrual	223,841		2,137		225,978
Benefit payments	(378,918)		(7,418)		(386,336)
Other adjustments	1,278		(41)		1,237
Balance at original discount rate, end of period	18,762,311		235,268		18,997,579
Effect of cumulative changes in discount rate assumptions, end of period	(474,265)		(19,786)		(494,051)
Balance, end of period	$	18,288,046	$	215,482	$	18,503,528
Other, end of period					2,055
Total balance, end of period					$	18,505,583

	Three Months Ended March 31, 2023
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,212,722	$	215,482	$	7,428,204
Flooring impact, end of period	0		0		0
Balance, end of period, post-flooring	$	7,212,722	$	215,482	$	7,428,204
Less: Reinsurance recoverables	6,719,094		17,336		6,736,430
Balance after reinsurance recoverables, end of period, post-flooring	$	493,628	$	198,146	$	691,774

The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:

	Three Months Ended March 31, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,812,112		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,968,218		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,408,614		$	0
Undiscounted expected future benefits and expenses	$	29,069,972		$	336,830
Interest accrual	$	94,935		$	2,204
Gross premiums	$	446,853		$	8,572
Weighted-average duration of the liability in years (at original discount rate)	10			7
Weighted-average duration of the liability in years (at current discount rate)	10			6
Weighted-average interest rate (at original discount rate)	5.16		%	3.76		%
Weighted-average interest rate (at current discount rate)	5.29		%	5.26		%

	Three Months Ended March 31, 2023
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	22,077,087		$	0
Discounted expected future gross premiums (at original discount rate)	$	15,222,212		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,816,791		$	0
Undiscounted expected future benefits and expenses	$	29,198,512		$	316,153
Interest accrual	$	92,508		$	2,137
Gross premiums	$	449,968		$	10,891
Weighted-average duration of the liability in years (at original discount rate)	10			7
Weighted-average duration of the liability in years (at current discount rate)	10			6
Weighted-average interest rate (at original discount rate)	5.21		%	3.69		%
Weighted-average interest rate (at current discount rate)	5.05		%	5.01		%

The balances of and changes in DPL as of and for the periods indicated are as follows:

	Three Months Ended March 31,
	2024		2023
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post-flooring	$	14,818	$	18,193
Effect of actual variances from expected experience and other activity	330		(951)
Adjusted balance, beginning of period	15,148		17,242
Profits deferred	216		1,856
Interest accrual	133		182
Amortization	(456)		(541)
Other adjustments	(3)		(8)
Balance, end of period, post-flooring	15,038		18,731
Less: Reinsurance recoverables	1,576		1,545
Balance after reinsurance recoverables, end of period	$	13,462	$	17,186

The following table provides supplemental information related to the balances of and changes in DPL, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:

	Three Months Ended March 31,
	2024		2023
	Fixed Annuities
	(in thousands)
Revenue(1)	$	(221)	$	(539)
Interest accrual	133		182

(1) Represents the gross premiums collected in changes in DPL.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	14,280,793	$	12,664,445
Flooring impact and amounts in AOCI	831,583		1,269,237
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	15,112,376		13,933,682
Effect of actual variances from expected experience and other activity	141,303		(32,188)
Adjusted balance, beginning of period	15,253,679		13,901,494
Assessments collected(1)	297,419		267,869
Interest accrual	128,241		117,307
Benefits paid	(68,233)		(71,551)
Balance, excluding amounts in AOCI, end of period, pre-flooring	15,611,106		14,215,119
Flooring impact and amounts in AOCI	(1,014,852)		(962,417)
Balance, including amounts in AOCI, end of period, post-flooring	14,596,254		13,252,702
Less: Reinsurance recoverables	14,416,881		13,029,847
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	179,373	$	222,855

(1) Represents the portion of gross assessments required to fund the future policy benefits.

	Three Months Ended March 31,
	2024			2023
	($ in thousands)
Interest accrual	$	128,241		$	117,307
Gross assessments	$	419,396		$	427,489
Weighted-average duration of the liability in years (at original discount rate)	22			22
Weighted-average interest rate (at original discount rate)	3.39		%	3.38		%

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,569,229	$	7,428,204
Deferred profit liability, end of period, post-flooring	15,038		18,731
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	14,596,254		13,252,702
Subtotal of amounts disclosed above	22,180,521		20,699,637
Other Future policy benefits reserves(1)	1,181,797		1,059,906
Total Future policy benefits	$	23,362,318	$	21,759,543

(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

	Three Months Ended March 31, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	446,853	$	0	$	8,572	$	455,425
Deferred profit liability	0		0		(221)		(221)
Additional insurance reserves	0		419,396		0		419,396
Total	$	446,853	$	419,396	$	8,351	$	874,600

	Three Months Ended March 31, 2023
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	449,968	$	0	$	10,891	$	460,859
Deferred profit liability	0		0		(539)		(539)
Additional insurance reserves	0		427,489		0		427,489
Total	$	449,968	$	427,489	$	10,352	$	887,809

(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.

	Three Months Ended March 31, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	94,935	$	0	$	2,204	$	97,139
Deferred profit liability	0		0		133		133
Additional insurance reserves	0		128,241		0		128,241
Total	$	94,935	$	128,241	$	2,337	$	225,513

	Three Months Ended March 31, 2023
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	92,508	$	0	$	2,137	$	94,645
Deferred profit liability	0		0		182		182
Additional insurance reserves	0		117,307		0		117,307
Total	$	92,508	$	117,307	$	2,319	$	212,134